Why PACE Financial Services?
Because partners matter. PFS’s proven track record and unparalleled experience makes the difference.
PFS is led by the award-winning team who created the country’s most successful PACE program and its leadership team has advised or worked with virtually every commercial PACE program nationally. With more experience in commercial PACE administration than anyone in the country, PFS offers unparalleled service to its public sector partners. PFS is unique among administrators in that it has thirty years of industry experience in tax collection, relationships with over 25,000 taxing jurisdictions and has serviced over $500B in real estate loans. PFS has leveraged its PACE experience and technology to help develop a highly efficient PACE administration and servicing platform, all of which has earned PFS national recognition as the gold standard in PACE financing. The bottom line is that PFS makes PACE easy: its goal is to build PACE programs that seamlessly connect PACE capital to interested building owners. The result is increased economic activity, reduced environmental pollution, and new jobs.
PFS MAKES C-PACE EASY
Our role is to build C-PACE programs that seamlessly connect capital to interested building owners. The result is increased economic activity, reduced environmental pollution, and new jobs. PFS works with governments to design a C-PACE program that requires minimal set-up on the part of the government sponsor and is administrated without requiring government money or resources.Jessica Bailey
THE PFS ADVANTAGE:
Nationwide, comprehensive knowledge of, and integration with, existing C-PACE statutes
Risk reduction for lenders, municipalities, and investors
Cost savings and efficiency gains
Exceptional, client-focused services
Data-enhanced solutions for the entire loan life cycle
PFS provides everything your jurisdiction needs to make C-PACE a success!
History of PFS:
PFS is a private, investor-funded, women-owned and operated company established in 2015. It is headquartered in Darien, Connecticut with offices that opened in Maryland in 2016. PFS was established by Jessica Bailey, Ali Cooley, and Genevieve Sherman – all prior employees of the Connecticut Green Bank – in order to assist state and local governments with the design, implementation, and the administration of C-PACE programs.
The Connecticut Green Bank launched its C-PACE program in 2013 as the first state-wide, single administrator C-PACE program in the country. This structure allowed for the design of a program that focused on two main features: 1) standardized program rules and documents that were attractive to building owners, C-PACE lenders and contractors and; 2) a centralized administrative function that eased the operational burden on local tax collectors to establish C-PACE locally. This program design strategy proved to be very successful; by 2015, among the roughly $200 million in commercial PACE transactions that had occurred nationally, nearly half have were originated and administered in Connecticut under the direct leadership of the Ms. Bailey, Ms. Cooley, and Ms. Sherman. The Connecticut PACE program is broadly viewed as the most successful C-PACE program in the country and the gold standard of C-PACE markets. Through their experience building the Connecticut PACE program at the Connecticut Green Bank, the PFS team has developed a deep comprehension of all facets of the PACE industry – administration, origination, and finance – and started PACE Financial Servicing in 2015 to bring that expertise to other jurisdictions where needed.
The State of Maryland passed PACE-enabling legislation in 2014. As Maryland’s law did not identify a state-wide administrator, the Maryland Clean Energy Center (MCEC) stepped up to design the MD-PACE program, a statewide, standardized commercial PACE administrative platform that Maryland counties wishing to establish a thoughtful PACE program designed could adopt at no cost. MCEC partnered with PFS to design the program and subsequently offered administrative services to participating counties with PFS as it’s agent, executing day to day tasks of the program. Today, seventeen counties or cities in Maryland have passed ordinances enabling C-PACE in their jurisdiction and fifteen of those are members of PFS’s MD-PACE program. Montgomery County, which launched an independent program, independently hired PFS as its Program Administrator. Both the MD-PACE and Montgomery County C-PACE programs are responsible for over 20 funded projects and over $12M in investment in the energy efficiency and clean energy projects.
During their respective tenures at the Connecticut Green Bank, Ms. Bailey and Ms. Sherman provided technical assistance to multiple state in crafting legislation, program guidelines, local government recruitment strategy and other program design elements. Such states – including Texas, Colorado, and Rhode Island -all now have highly successful C-PACE programs. Since launching PFS, they have provided technical assistance to other states, including Pennsylvania, New Jersey, and Virginia.